The world in which we work and live is changing. If innovations in technology, a changing workforce and an unstable economic environment have impacted how employers are managing their people, why haven’t they changed how employers are viewing their benefits? This seems strange considering that employee benefits can comprise 20% of an organisation’s payroll if not more. The second in the series of Mercer’s free 2012 National Forums will demonstrate how critical it is that employers look towards the future in order to optimise the impact and value of their benefits offering.
How are employee needs changing?
1. Changing workforce demographics – The ageing workforce is a concern for companies not only in terms of funding healthcare and retirement options, but also in terms of how employees will continue to be engaged in the workplace as they get older.
2. Generation Y is behaving differently – The youth labour force is less worried about salary and more about finding job satisfaction and a good work-life balance.
3. Technological innovation – Employers need to think about HR and communication strategies which will help all segments of their workforce relate to their benefits.
Richard Watson, Futurologist and speaker at the 2012 National Forum, commented: “The shortage of skilled labour combined with the ease of travel across borders has led to an erosion of loyalty – workers hopping from one job to the next when it suits them. This, coupled with government cut backs to social security systems, will mean that if employers want to attract and retain key talent, they must build benefits programmes that are relevant to employee needs and successfully demonstrate the value of these to their workforce.”
The second series of the 2012 National Forums will question current benefit programmes practiced by companies. Surveys carried out by Mercer in 2011 and 2012 reveal that employees see themselves as quite sophisticated in their knowledge of benefits, but over 50% are not satisfied with these. Furthermore, the value of individual benefits perceived by employees and employers is often materially different. Add to this mix the fact that almost 90% of employers see moving responsibility for benefits to their employees as good for business, then, according to Mercer, it is now time for radical new thinking.
“The key is helping employers to stand back and understand what measures to take to get the most out of their benefits offering,” said Gary Simmons, Partner at Mercer. “Companies need to know which benefits encourage employee wellbeing, drive profitability and productivity, and which benefits minimise risk, and support business continuity and strategy.
“The problem we’re seeing at the moment is the idea that it is enough to simply give employees ‘choice’. In practice, employers need to look more closely at the risks they are attempting to mitigate for themselves and their workforce. Not only must companies recognise the varying needs of their workforce, but also take a long hard look at the added value of their benefits both separately and holistically. If companies don’t start thinking ahead now, they will soon find that their benefit programmes are no longer fit for purpose and they can ill afford in today’s economic environment to waste precious cash and resources.”
About the 2012 National Forum
The event will be of particular interest to senior HR professionals and benefits leaders, typically HR and reward leaders and we would encourage those interested to register online as soon as possible.
Event Dates:
Manchester – 27 November
Windsor – 29 November
Edinburgh – 30 November
Cheltenham – 4 December
London – 6 December
Leeds – 11 December
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